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Accounting for Non-Financial Managers:   Session 2 Summary Slides
 

Accounting for Non-Financial Managers: Session 2 Summary Slides

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    Accounting for Non-Financial Managers:   Session 2 Summary Slides Accounting for Non-Financial Managers: Session 2 Summary Slides Presentation Transcript

    • Accounting for NFM Session 2 The major financial statements – continued Jared Davies
    • The story so far….
      • Why do we need financial statements?
      • Users of Accounts
      • Regulatory Framework
      • The Income Statement
      • The Statement of Financial Position
      • The Accounting Equation
      • Accounting Conventions
    • The story continued….
      • Review Exercise 4 & Homework
      • Exercise 5 – Hughes & Draw
      • Accounting for Inventories, Ex 1 & 2
      • Accounting for Non Current Assets, Ex 3-5
      • Receivables & Impairment
      • Tax and Dividends
    • IAS 2 INVENTORY
    • IAS 2 INVENTORY MEASUREMENT
    • NON CURRENT ASSETS
      • P,P&E recognised when:
        • It’s probable that future economic benefits associated with the asset will flow to the enterprise
        • Cost of the item can be measured reliably
      • Cost can include:
        • Purchase price including import duties
        • Other directly attributable costs, e.g.:
          • Site preparation
          • Installation and assembly costs
          • Dismantling costs
          • For constructed assets – direct labour and materials
    • DEPRECIATION
      • All assets with a limited useful life must be depreciated (land is an exception).
      • Depreciation should be:
        • allocated on a systematic basis
        • Over the asset’s economic useful life
        • Charged as an expense in the I.S.